Industrial services provider Ametek beats profit estimates
(Reuters) - Industrial technology solutions provider Ametek Inc on Tuesday reported a better-than-expected profit for the fourth quarter, as fruitful acquisitions and high sales growth in its aerospace and defense businesses led to margin expansion.
The company, which supplies products to a diverse set of markets including oil and gas and medical device manufacturers, also expects full-year 2024 adjusted earnings between $6.70 and $6.85 per share, a 5% to 7% growth from the year ago.
Ametek posted 7% revenue growth in its Electronic Instruments segment and 6% growth in its Electromechanical group segment in the reported quarter.
The Berwyn, Pennsylvania-based company reported adjusted earnings per share of $1.68 for the quarter ended Dec. 31, above analysts' estimates of $1.63.
It posted quarterly sales of $1.73 billion, 6.5% higher than the same period last year, and in line with estimates, according to LSEG data.
Shares of the company were up 1.13% in pre-market trade.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Shailesh Kuber)
